Kiwibank moves swiftly after OCR cut announced

07/08/2019

Kiwibank has passed on the full 0.5 percent OCR rate cut to its customers with variable home loan rates.

“Kiwibank is committed to be the better banking alternative, a bank that provides real value for money. We are making these changes so that our home loan customers receive the full benefit of market changes,” says Chief Marketing Officer Mark Wilkshire.

These new rates by the New Zealand-owned bank see it having the lowest variable rate in the market (effective Monday 12 August for new customers and Monday 26 August for existing customers).

Variable savings product Notice Saver is decreasing by 0.4 percent (effective Monday 12 August).

Lending

Product

Current rate p.a.

New rate p.a.

Change

Kiwibank Variable

5.65%

5.15%

-0.50%

Kiwibank Revolving

5.70%

5.20%

-0.50%

Kiwibank Offset

5.65%

5.15%

-0.50%

Deposits

Product

Current rate p.a.

New rate p.a.

Change

Notice Saver – 32 days

2.10%

1.70%

-0.40%

Notice Saver – 90 days

3.10%

2.70%

-0.40%

Media enquiries contact: Kara Tait, Kiwibank External Communications Manager - 027 475 3521